WHY MERIDIAN? CAMERON ARIAL, MPA, PH.D. COMMUNITY DEVELOPMENT DIRECTOR
What People are Talking About WELCOME
2019 Accolades # 1 Job Growth (tie) # 4 Fastest Growing Mid-Sized City # 7 Fastest Growing City – Nationwide # 9 Best Places to Live
Meridian Demographics Population: 106,804 Median Household Income: $71,488 Median Age: 35 Educated Community AA BA/BS Graduate Meridian 9.79 % 24.99 % 10.33 % Boise MSA 9.07 21.25 10.20 State 9.63 18.61 8.84
Meridian Job Creation 2,402 New Jobs in 2018 - 42,000+ Total Jobs Over 100 New Businesses Top Five Job Growth Industries Health Care and Social Assistance Construction Accommodation and Food Services Retail Professional and Technical Services 2.7% Unemployment Source: Idaho Department of Labor
Inflow/Outflow Job Commutes 80% of Meridians commute to their jobs
Meridian Commercial Market Vacancy Rates (September 30, 2019)* Industrial: 1.79% Retail: 4.24% Office: 5.54% * Source: Thornton Oliver Keller
Commercial Activity January through September 2018 2019 New Commercial Value $104,669,889 $146,699,554 New Commercial Projects 67 61 Commercial TI Value $62,246,595 $63,033,803 Commercial TI Projects 183 174
Urban Renewal Districts Meridian Development Corporation works to stimulate investment, Downtown District create jobs, enhance infrastructure and parking availability, and support transit and Ten Mile affordable housing in District Meridian’s two Urban Renewal Districts.
Downtown Meridian Old City Hall Main2Meridian Old City Hall, Children’s Theatre, • and UnBound are redeveloping into Main2Meridian Lofts Two 4-story buildings, 130K sq/ft • Retail on 1st floor • 103 residential units on upper floors •
Ten Mile Area Update 300 Acres • Capacity to develop over 2,000 jobs* • Much Needed Infrastructure • Approximately $450M Private Investment • Infrastructure Investment Less than $50M • Bonus: Pathways, Trails & Entertainment • Ten-Mile Businesses PIVOT • AmeriBen • Saltzer Health • Brighton Corporation • United Site Services HQ2 • Horrock Engineers • Zennify • Paylocity •
BVA Case Study: Americor Funding Headquarters in Irvine, California • Employee Count: 520 • Expansion/Relocation Targets: Irvine, Dallas, Phoenix, Salt Lake City, Boise • Meridian Won the Deal • Quality of Life • Economics – Rent & Wages • 50% reduction = 14% increase to the bottom line • BVA Won the Deal • Great project in the hopper – Eagle View Landing • Credibility – Development track record • Creative deal structure •
Opportunity Zone Established by Congress through the Tax Cuts and Jobs Act of 2017 Encourage long-term investment of capital gains in qualifying Opportunity Funds — private, location-specific investment vehicles Designed to spur economic development and job creation in distressed communities Investors can earn tax relief. Tax benefits increase the longer investments remain in place
Recent Efforts Interactive maps on City website • Current Zoning • Parcel information • Multiple layers 2019 AIC Achievement Award
Fixed-Route Bus Service $3 million Federal grant Initial City investment: $419,000 match for three electric buses, bus shelters and signage Route: Ten-Mile to Downtown (via Pine) to The Village
Comprehensive Plan Phase 1: Foundation (Complete) 1,500 participants. Online and in-person events throughout the community. What do they love or want to see improved (Values) Phase 2: Visioning (Complete) Focused on the Vision; based on Values identified in Phase 1 Phase 3: Choices (Complete) Focus on market, land use, and transportation analysis, and build on the community input from Phases 1 and 2 Phase 4: The Plan (Tonight) First public hearing October 17 @ 5:30 pm Planning & Zoning Commission
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